The 1986 Oil Price Collapse: WTI Daily Prices Through the Year
EIA's WTI spot price was $25.56 per barrel on Jan 2, 1986, the first published price in this window. It then bottomed at $10.25 on Mar 31, 1986, a fall of $15.31 (59.9%) over 3 months. From that low it recovered to $17.93 by Dec 31, 1986, a rise of $7.68 (74.9%) over 9 months.
Daily spot prices, Jan 2, 1986 – Dec 31, 1986
Chart data table (251 rows)
| Period | WTI |
|---|---|
| Dec 31, 1986 | $17.93 |
| Dec 30, 1986 | $17.73 |
| Dec 29, 1986 | $17.65 |
| Dec 24, 1986 | $17.26 |
| Dec 23, 1986 | $16.93 |
| Dec 22, 1986 | $16.95 |
| Dec 19, 1986 | $16.55 |
| Dec 18, 1986 | $16.28 |
| Dec 17, 1986 | $15.83 |
| Dec 16, 1986 | $16.11 |
| Dec 15, 1986 | $16.38 |
| Dec 12, 1986 | $16.13 |
| Dec 11, 1986 | $15.49 |
| Dec 10, 1986 | $15.12 |
| Dec 9, 1986 | $14.93 |
| Dec 8, 1986 | $15.01 |
| Dec 5, 1986 | $15.14 |
| Dec 4, 1986 | $15.20 |
| Dec 3, 1986 | $15.13 |
| Dec 2, 1986 | $15.22 |
| Dec 1, 1986 | $15.29 |
| Nov 28, 1986 | $15.00 |
| Nov 26, 1986 | $15.00 |
| Nov 25, 1986 | $15.05 |
| Nov 24, 1986 | $14.98 |
| Nov 21, 1986 | $15.13 |
| Nov 20, 1986 | $15.10 |
| Nov 19, 1986 | $15.52 |
| Nov 18, 1986 | $15.65 |
| Nov 17, 1986 | $15.62 |
| Nov 14, 1986 | $15.68 |
| Nov 13, 1986 | $15.55 |
| Nov 12, 1986 | $15.33 |
| Nov 11, 1986 | $15.39 |
| Nov 10, 1986 | $15.30 |
| Nov 7, 1986 | $15.15 |
| Nov 6, 1986 | $15.08 |
| Nov 5, 1986 | $14.93 |
| Nov 4, 1986 | $15.05 |
| Nov 3, 1986 | $14.70 |
| Oct 31, 1986 | $15.25 |
| Oct 30, 1986 | $15.08 |
| Oct 29, 1986 | $13.73 |
| Oct 28, 1986 | $14.18 |
| Oct 27, 1986 | $14.40 |
| Oct 24, 1986 | $14.93 |
| Oct 23, 1986 | $14.88 |
| Oct 22, 1986 | $14.85 |
| Oct 21, 1986 | $15.22 |
| Oct 20, 1986 | $15.17 |
| Oct 17, 1986 | $14.85 |
| Oct 16, 1986 | $14.53 |
| Oct 15, 1986 | $14.83 |
| Oct 14, 1986 | $14.55 |
| Oct 10, 1986 | $14.98 |
| Oct 9, 1986 | $15.05 |
| Oct 8, 1986 | $15.35 |
| Oct 7, 1986 | $15.60 |
| Oct 6, 1986 | $14.83 |
| Oct 3, 1986 | $14.86 |
| Oct 2, 1986 | $15.38 |
| Oct 1, 1986 | $15.23 |
| Sep 30, 1986 | $14.70 |
| Sep 29, 1986 | $14.93 |
| Sep 26, 1986 | $14.43 |
| Sep 25, 1986 | $14.28 |
| Sep 24, 1986 | $14.55 |
| Sep 23, 1986 | $14.30 |
| Sep 22, 1986 | $13.94 |
| Sep 19, 1986 | $14.47 |
| Sep 18, 1986 | $14.55 |
| Sep 17, 1986 | $14.03 |
| Sep 16, 1986 | $13.80 |
| Sep 15, 1986 | $14.31 |
| Sep 12, 1986 | $15.06 |
| Sep 11, 1986 | $15.05 |
| Sep 10, 1986 | $14.90 |
| Sep 9, 1986 | $15.00 |
| Sep 8, 1986 | $15.63 |
| Sep 5, 1986 | $15.63 |
| Sep 4, 1986 | $16.18 |
| Sep 3, 1986 | $16.03 |
| Sep 2, 1986 | $16.43 |
| Aug 29, 1986 | $15.93 |
| Aug 28, 1986 | $15.83 |
| Aug 27, 1986 | $15.83 |
| Aug 26, 1986 | $15.78 |
| Aug 25, 1986 | $15.48 |
| Aug 22, 1986 | $15.48 |
| Aug 21, 1986 | $15.23 |
| Aug 20, 1986 | $15.23 |
| Aug 19, 1986 | $14.98 |
| Aug 18, 1986 | $15.58 |
| Aug 15, 1986 | $15.83 |
| Aug 14, 1986 | $15.43 |
| Aug 13, 1986 | $15.28 |
| Aug 12, 1986 | $15.50 |
| Aug 11, 1986 | $14.92 |
| Aug 8, 1986 | $14.83 |
| Aug 7, 1986 | $15.18 |
| Aug 6, 1986 | $14.80 |
| Aug 5, 1986 | $14.35 |
| Aug 4, 1986 | $14.00 |
| Aug 1, 1986 | $11.56 |
| Jul 31, 1986 | $11.23 |
| Jul 30, 1986 | $11.73 |
| Jul 29, 1986 | $11.63 |
| Jul 28, 1986 | $11.09 |
| Jul 25, 1986 | $10.83 |
| Jul 24, 1986 | $10.95 |
| Jul 23, 1986 | $10.83 |
| Jul 22, 1986 | $10.88 |
| Jul 21, 1986 | $13.07 |
| Jul 18, 1986 | $12.80 |
| Jul 17, 1986 | $12.30 |
| Jul 16, 1986 | $12.68 |
| Jul 15, 1986 | $11.85 |
| Jul 14, 1986 | $11.23 |
| Jul 11, 1986 | $11.13 |
| Jul 10, 1986 | $11.13 |
| Jul 9, 1986 | $11.00 |
| Jul 8, 1986 | $11.19 |
| Jul 7, 1986 | $11.18 |
| Jul 3, 1986 | $11.70 |
| Jul 2, 1986 | $12.04 |
| Jul 1, 1986 | $12.39 |
| Jun 30, 1986 | $12.80 |
| Jun 27, 1986 | $13.38 |
| Jun 26, 1986 | $13.14 |
| Jun 25, 1986 | $13.23 |
| Jun 24, 1986 | $13.98 |
| Jun 23, 1986 | $14.05 |
| Jun 20, 1986 | $14.44 |
| Jun 19, 1986 | $13.73 |
| Jun 18, 1986 | $13.62 |
| Jun 17, 1986 | $13.65 |
| Jun 16, 1986 | $13.65 |
| Jun 13, 1986 | $13.83 |
| Jun 12, 1986 | $13.69 |
| Jun 11, 1986 | $13.52 |
| Jun 10, 1986 | $12.38 |
| Jun 9, 1986 | $12.61 |
| Jun 6, 1986 | $12.73 |
| Jun 5, 1986 | $13.21 |
| Jun 4, 1986 | $13.15 |
| Jun 3, 1986 | $13.35 |
| Jun 2, 1986 | $13.80 |
| May 30, 1986 | $14.30 |
| May 29, 1986 | $14.50 |
| May 28, 1986 | $14.65 |
| May 27, 1986 | $15.10 |
| May 23, 1986 | $16.95 |
| May 22, 1986 | $16.04 |
| May 21, 1986 | $15.53 |
| May 20, 1986 | $16.18 |
| May 19, 1986 | $17.13 |
| May 16, 1986 | $16.08 |
| May 15, 1986 | $15.68 |
| May 14, 1986 | $15.53 |
| May 13, 1986 | $15.65 |
| May 12, 1986 | $15.75 |
| May 9, 1986 | $15.83 |
| May 8, 1986 | $15.70 |
| May 7, 1986 | $15.13 |
| May 6, 1986 | $14.43 |
| May 5, 1986 | $14.32 |
| May 2, 1986 | $14.65 |
| May 1, 1986 | $13.80 |
| Apr 30, 1986 | $13.38 |
| Apr 29, 1986 | $13.63 |
| Apr 28, 1986 | $13.34 |
| Apr 25, 1986 | $14.23 |
| Apr 24, 1986 | $13.65 |
| Apr 23, 1986 | $13.70 |
| Apr 22, 1986 | $13.13 |
| Apr 21, 1986 | $12.48 |
| Apr 18, 1986 | $11.88 |
| Apr 17, 1986 | $11.75 |
| Apr 16, 1986 | $11.50 |
| Apr 15, 1986 | $12.72 |
| Apr 14, 1986 | $12.94 |
| Apr 11, 1986 | $13.63 |
| Apr 10, 1986 | $13.45 |
| Apr 9, 1986 | $13.00 |
| Apr 8, 1986 | $12.83 |
| Apr 7, 1986 | $14.39 |
| Apr 4, 1986 | $12.75 |
| Apr 3, 1986 | $11.70 |
| Apr 2, 1986 | $11.35 |
| Apr 1, 1986 | $11.13 |
| Mar 31, 1986 | $10.25 |
| Mar 27, 1986 | $11.35 |
| Mar 26, 1986 | $12.03 |
| Mar 25, 1986 | $12.43 |
| Mar 24, 1986 | $12.20 |
| Mar 21, 1986 | $13.95 |
| Mar 20, 1986 | $12.75 |
| Mar 19, 1986 | $13.25 |
| Mar 18, 1986 | $14.03 |
| Mar 17, 1986 | $13.28 |
| Mar 14, 1986 | $12.55 |
| Mar 13, 1986 | $12.60 |
| Mar 12, 1986 | $14.05 |
| Mar 11, 1986 | $13.23 |
| Mar 10, 1986 | $12.94 |
| Mar 7, 1986 | $12.24 |
| Mar 6, 1986 | $13.13 |
| Mar 5, 1986 | $12.03 |
| Mar 4, 1986 | $11.98 |
| Mar 3, 1986 | $11.98 |
| Feb 28, 1986 | $13.23 |
| Feb 27, 1986 | $14.05 |
| Feb 26, 1986 | $14.62 |
| Feb 25, 1986 | $14.68 |
| Feb 24, 1986 | $14.68 |
| Feb 21, 1986 | $13.63 |
| Feb 20, 1986 | $14.13 |
| Feb 19, 1986 | $15.08 |
| Feb 18, 1986 | $14.70 |
| Feb 14, 1986 | $16.03 |
| Feb 13, 1986 | $16.43 |
| Feb 12, 1986 | $15.74 |
| Feb 11, 1986 | $16.28 |
| Feb 10, 1986 | $16.78 |
| Feb 7, 1986 | $17.70 |
| Feb 6, 1986 | $16.60 |
| Feb 5, 1986 | $16.28 |
| Feb 4, 1986 | $15.58 |
| Feb 3, 1986 | $17.42 |
| Jan 31, 1986 | $18.95 |
| Jan 30, 1986 | $19.58 |
| Jan 29, 1986 | $19.61 |
| Jan 28, 1986 | $19.45 |
| Jan 27, 1986 | $20.87 |
| Jan 24, 1986 | $19.45 |
| Jan 23, 1986 | $19.93 |
| Jan 22, 1986 | $20.25 |
| Jan 21, 1986 | $20.61 |
| Jan 20, 1986 | $21.33 |
| Jan 17, 1986 | $23.63 |
| Jan 16, 1986 | $23.98 |
| Jan 15, 1986 | $25.18 |
| Jan 14, 1986 | $24.97 |
| Jan 13, 1986 | $25.08 |
| Jan 10, 1986 | $25.65 |
| Jan 9, 1986 | $26.03 |
| Jan 8, 1986 | $25.87 |
| Jan 7, 1986 | $25.85 |
| Jan 6, 1986 | $26.53 |
| Jan 3, 1986 | $26.00 |
| Jan 2, 1986 | $25.56 |
Context
EIA's April 1986 outlook described the immediate impetus as a rise in OPEC production of nearly 3 million barrels per day in the fourth quarter of 1985. Saudi Arabia had announced netback pricing in September 1985 as a strategy to regain market share, after cutting its own output to under 3 million barrels per day; OPEC as a whole adopted the approach in December 1985.[1] EIA's historical timeline describes the result as a glut in which prices were almost cut in half.[2]
The same outlook described downward pressure building for four and a half years: oil demand in market economies had fallen by over 6 million barrels per day since 1979, while production outside OPEC kept growing as energy investments made in the late 1970s came on line in Mexico, the United Kingdom, Norway and elsewhere.[1]
At a mid-April 1986 meeting, ten OPEC members agreed in principle that production would have to be reduced to restore market stability.[1]
The largest one-day moves in WTI were a rise of $2.44 on Aug 4, 1986 and a fall of $2.30 on Jan 20, 1986, each measured against the previous published price. WTI was below $20 on 235 published days in the window.
Adjusted with CPI-U to September 2026 dollars, WTI's high in the window was $81.56 (Jan 6, 1986) and its lowest positive price $31.74 (Mar 31, 1986).
Monthly averages
| Month | WTI | vs prior month | WTI real |
|---|---|---|---|
| January 1986 | $22.93 | — | $70.49 |
| February 1986 | $15.46 | −32.6% | $47.66 |
| March 1986 | $12.61 | −18.4% | $39.05 |
| April 1986 | $12.84 | +1.8% | $39.84 |
| May 1986 | $15.38 | +19.8% | $47.59 |
| June 1986 | $13.43 | −12.7% | $41.33 |
| July 1986 | $11.59 | −13.7% | $35.66 |
| August 1986 | $15.10 | +30.3% | $46.38 |
| September 1986 | $14.87 | −1.5% | $45.47 |
| October 1986 | $14.90 | +0.2% | $45.52 |
| November 1986 | $15.22 | +2.1% | $46.45 |
| December 1986 | $16.11 | +5.8% | $49.12 |
Year pages: Oil prices in 1986
Sources for the context above
- Short-Term Energy Outlook, 2nd quarter 1986 — U.S. Energy Information Administration
- Oil (petroleum) timeline (Energy Kids) — U.S. Energy Information Administration
Source and methodology
| Provider | Series | Units | Coverage | Latest observation |
|---|---|---|---|---|
| U.S. Energy Information Administration | RWTC — WTI spot price FOB (daily, monthly) | $/bbl | Jan 2, 1986 – Dec 31, 1986 | Dec 31, 1986 |
| U.S. Bureau of Labor Statistics | CUUR0000SA0 — CPI-U, all items, NSA | index, 1982–84=100 | monthly | September 2026 |
Last updated: Oct 21, 2026, 5:27 PM CDT. Raw values are shown in source units; any conversion is labeled. See methodology and data sources.